Business News Highlights: Retail Inflation Eases To 6.83% In August From 7.44% In July
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EMS Ltd IPO Subscribed Over 75 Times On Final Day Driven By Institutional Buyers
EMS Ltd IPO was oversubscribed 75.28 times on the last day of public issuance on Tuesday, driven by institutional buyers, reported PTI. The total bids received amounted to 81,21,02,970 shares, while only 1,07,87,431 shares were available for purchase, as per NSE data, the report said.
Qualified Institutional Buyers (QIBs) subscribed over 153.02 times, while non-institutional investors subscribed 82.32 times. Retail Individual Investors (RIIs) also participated actively, with a subscription rate of 29.79 times, the report said.
The IPO consisted of a fresh issue of up to Rs 146.24 crore and an offer for sale of up to 82,94,118 equity shares. The price range for the shares was set at Rs 200-211 per share. EMS Ltd specialises in providing water and sewerage infrastructure solutions, including sewerage network development and treatment plant construction in Uttar Pradesh, Bihar, Uttarakhand, and Rajasthan.
EMS Ltd successfully raised Rs 96.37 crore from anchor investors on Thursday. The proceeds from the fresh issue will be utilised to meet working capital requirements and for general corporate purposes.
Maruti, Hyundai Expect Record Sales In Festive Season This Year
Automakers anticipate record holiday sales this year, despite concerns about high interest rates and the possibility of a poor monsoon dampening rural sentiment. On the sidelines of the annual SIAM Convention, Shashank Srivastava, Senior Executive Officer, Marketing & Sales at Maruti Suzuki India, said that the Christmas season accounts for around 23-26 per cent of the industry's annual sales on average, reported PTI.
This fiscal, overall passenger vehicle sales are estimated to be 40.5-41 lakh, with 25 per cent of that amount indicating that festive season sales will exceed 10 lakh this year, he said.
"This is the first time it will cross the 1 million mark. The previous peak was 9.34 lakh in 2021, which had two things going for it. It had 92 days of festive seasons and there was a pent-up demand due to Covid-19 induced lockdown in Q1 (of the year)," Srivastava said, as per the news agency.
Hyundai Motor India COO Tarun Garg said, "We are expecting that this year, we should log in around 9 per cent growth over last year."
Domestic Air Passenger Traffic Jumps 23% To 1.24 Crore In August: Icra
Domestic air passenger traffic in August saw a year-on-year rise of approximately 23 per cent, totaling 1.24 crore passengers, according to rating agency Icra, reported PTI. This figure also marked a 6 per cent growth compared to August 2019, the pre-Covid benchmark when around 1.18 crore passengers were recorded.
Looking at the month-to-month performance, the previous month saw a sequential traffic growth of about 3.2 per cent, with 1.21 crore passengers traveling on domestic routes in July, the report said.
Icra maintained a 'stable' outlook for the domestic aviation industry, citing the rapid recovery in domestic passenger traffic during the previous fiscal year and expectations of this trend continuing in the current fiscal year.
Bank Of Maharashtra To Raise Rs 1,500 Crore Via Bonds To Fund Corporate Expansion
The state-owned Bank of Maharashtra (BoM) said on Tuesday that it intends to raise Rs 1,500 crore through bonds to fund corporate expansion. According to a regulatory filing, the lender aims to raise the cash through a private offering of Basel-III compliant tier II bonds.
The issue size is Rs 250 crore with a green shoe option of Rs 1,250 crore, it added. The tenure of the bonds is going to be 10 years. The bond auction date is September 14, while allotment to bidders would be made on September 18, the filing said.
Russia Interested To Develop Maritime Route Between Its Eastern City Vladivostok And Chennai
Russia has expressed interest in developing an alternate sea route between its eastern city Vladivostok and Chennai, reported PTI. The interest was conveyed to Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal here during a meeting with a Russian delegation led by Sergey Mochalnikov, Deputy Minister of Energy Minister, Russian Federation, and Maxim Reshetnikov from the Ministry of Economic Development of Russian Federation.
According to an official statement, the Russian government expressed its desire to visit the Chennai port with a large business delegation to explore opportunities and possibilities through bilateral discussions.
As per the report, Sonowal also extended an invitation to an Indo-Russian workshop on the Eastern Maritime Corridor in Chennai to provide a common meeting ground for Russian Far East and Indian port authorities, Russian railways, logistics, and shipping companies from both countries, and coking coal trade transporters from India and Russia.
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